Are you planning to write a follow up report or add to this recommendation in the near future?

Based on your comments, I would assume that your thesis is that the stock will fall sharply over the next 12 months (likely driven by capital outflows) while the company is completing its first wells, and that this is likely to be discounted (possibly steeply) by the market, despite the current lack of visibility with regards to production data, up until 2020?

In that case, I agree that the thesis is that the first year will be rough, but the exit is eventually positive (unless the first year turns out to be spectacular.)